Retracement strategy, a must for traders.
Trading strategy that works wonders besides the supports & Resistance is " Retracement strategy ": The strategy that has wor...
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I 'll always be there for you. To make you feel that you're secured. And even if the rain is pouring hard and the sky is almost dark... -
5010-5039 supply zone proved a ST resistance. 5002 proved a break down point. 4945 to 4982 proved a corrective rise, monitored with an ... -
Trading strategy that works wonders besides the supports & Resistance is " Retracement strategy ": The strategy that has wor...
24 comments:
momentum is long gone ..i think they need another minor dip just to pull it up at the mercy of bears one final time...
No upmove looks like it is heading towards the 4975-5010 range.
5020-5010 is a minor support from which a bounce can happen. 5040-5050 will act as strong resistance now.
Any up move possibility will be possible only on a sustained trading above 5050.
sir ..one more thing i noticed is there is massive OI build up at 4800 PE(around 80L shares)..does it imply that there is very strong support around that region...we also have 40L buildup at 4600 put..how to read that...
Hii Ilango sir, can we add more shorts below 5010 for target of 4925??
Hi..Shaq,
That is good news for bears..
Hi..Bizagra,
"Sell signals" are not there yet. However, the channel has broken now. There are two ways you can play it.
Sell @ 5040-5050 with a SL @ 5065.
OR Sell at the break of 5017.
For aggressive traders: They need to play both swings in intra till a trend change takes place.
Ilango sir, for the short position i took today @5040. i want to keep it as intraday, plz suggest trailing sl?
Hi bizagra, book ur intraday profit, or ur sl current daily ema @5026
Very effective, Hemanta.
Ilango sir your short call from 5040-5050 was great. can you tell us the target for this down move.
hello sir ....i want to enter the market now .as i missed an opportunity .can u tell me which is the rit place to sell iam a conservative trader ....
following option prices since morning...and suddenly there is a spurt in volumes at 4900 and 5k strikes...dow fut are down so maybe there will be another round of correction tom
Chasing a Price is never a good practice.
Holding a short because of multiple negative divergences is risky. But then rewards are always corelated to risks. We keep close Sl for such trades.
Any new shorts should be done at some retracements or else the SL has to be huge which I do not intend to advise.
5025 or 5010 is a level to sell again.
Yes, Illango; market now changed to sell on every high and first downside target 4935.
Ilango sir,sud we hold our short positions for tomm, i am a conservative trader.Any targets for us?
As Hemanta has said 4935. I would wait for a break of 4925 to see possible targets.
4925 is the 5 -day Low. A break of that will add to bearishness.
Take your own decisions of "booking out" of your positions as The choppy market can unnerve with their wild swings. If you can handle that, Sit with your position till stopped out.
Hi, bizagra.. (pls don't mind)
Is it fair that u want a suggestion for ur every trade(intraday/positional) from Illango? Just try to learn the Elliott Wave, ema & Pivot Techniques for your Stoploss. It is easy & all required tutorials is here(in this blog). Just use it..
For exapmle, current weekly pivot is 4935, Resistance:1 is 5081. How simple!
Learn the techniques as a tribute to Illango's heartiest effort.
Happy trading with our beloved friend Illango.
Agree with hemanta, there was one person in Traderji called Saint. Great person.. He always used to say " Teach a person to fish not give fish "....
Even i have learnt it hard way ....
Thanks Hemanta, yes i ll try to learn them myself.In fact i hav already started it.
i agree...in the end its the person who needs to handle the heat...its better to learn and make mistakes and lose for it will offset the potential rewards later
Hi Hemanta! You too need to learn something. You have unnecessarily negativised thoroughly positive Ilango's name by making him "Ill"ango lol!
Extra 'l' as a tribute, as I have learned the Elliott Wave from him(practically). lol! :-)
Good that you have taken my comment in the same light-hearted spirit in which I intended. Yes indeed, Ilango needs to be given tribute and in that case I would like to call him Illlango lol ;).
BTW, if you want to learn the theory (science)behind the Elliott Wave as well then I can help.
Hi, authorharb,
Never mind, but I know the science behind the Elliott Wave. I have read it from the books like ‘The Fabulous Fibonacci Numbers by Alfred Posamentier and Ingmar Lehmann’ etc.
Ralph Nelson Elliott is the father of the Wave Theory. His book ‘Nature's Law — The Secret of the Universe’ includes almost every thought he had concerning his Wave Theory. I have read it too.
According to his words: Elliott Wave Theory based on patterns of collective human behavior to the Fibonacci, or “golden” ratio, a mathematical phenomenon known for millennia as one of nature's ubiquitous laws of form and progress.
Thank u much for your concern, regards.
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